Cooper announces lawsuit against online lender - WRBL

Cooper announces lawsuit against online lender

Posted: Updated:
RALEIGH, N.C. -

Officials in North Carolina are suing an out-of-state online lender, its related companies and their owner for offering loans that in some cases charge borrowers up to 342 percent interest. 

N.C. Attorney General Roy Cooper and the North Carolina Office of the Commissioner of Banks filed suit Monday against Western Sky Financial, CashCall, related companies and owner John Paul Reddam for violating state laws banning outrageous interest rates on small consumer loans. 

Cooper's office said a similar lawsuit has been filed in Colorado. 

South Dakota-based Western Sky says it's exempt from state laws that ban its loans because it claims to be an Indian tribal entity. 

The complaint says loans of $850 to $10,000 charged annual interest rates from 89.68 percent to 342.86 percent, far above what state law allows.

  • Business & ConsumerMore>>

  • S&P 500 crosses 2,000 for first time

    S&P 500 crosses 2,000 for first time

    Tuesday, August 26 2014 4:25 PM EDT2014-08-26 20:25:29 GMT
    The Standard Poor's 500 index closed above 2,000 points Tuesday for the first time, but just barely. It edged up 2.10 points to 2,000.02 points.It's been 16 years since the index closed above 1,000 points for t.
    The Standard Poor's 500 index closed above 2,000 points Tuesday for the first time, but just barely. It edged up 2.10 points to 2,000.02 points.It's been 16 years since the index closed above 1,000 points for t.
  • Durham startup launches app to make shoppers, diners more informed

    Durham startup launches app to make shoppers, diners more informed

    Wednesday, August 20 2014 5:55 PM EDT2014-08-20 21:55:28 GMT
    An app developed in the American Underground is leading the way to giving shoppers and diners a more personal experience.
    An app developed in the American Underground is leading the way to giving shoppers and diners a more personal experience.
  • Raleigh company brings free HDTV into homes

    Raleigh company brings free HDTV into homes

    Wednesday, August 20 2014 5:48 PM EDT2014-08-20 21:48:24 GMT
    The Mohu Leaf works fairly simply: plug it in, hang it on a wall, receive free HD television from stations that send out a free HD signal.
    The Mohu Leaf works fairly simply: plug it in, hang it on a wall, receive free HD television from stations that send out a free HD signal.
Powered by WorldNow

1350 13th Avenue
Columbus, GA 31901

Telephone: 706.323.3333
Fax: 706.327.6655
Email: news@wrbl.com

Can't find something?
Powered by WorldNow
All content © Copyright 2000 - 2014 Media General Communications Holdings, LLC. A Media General Company.